BANK NIFTY WEEKLY STUDY
Last week we clearly mention that bank nifty resistance at 11500 level closing above this can give up move in market till that time we can see only fall till support level of 10800 and major breakdown below 10800 level only, and just see how it move as expected below 10800 it made 10350 level which is almost 450 points big move.
At present chart indicating that bank nifty clearly trading below its all-time support levels, last week also mention that we have spotted DESCENDING TRIANGLE pattern on chart and it has broken this pattern and confirm the selling signal on chart now.
Overall RSI also indicating that it has created a BEARISH POSITIVE CONVERGENCE signal on chart and after that again it confirm the BEARISH NEGATIVE CONVERGENCE signal after breaking the 10800 level and still price is falling rapidly and yet RSI not able to move in oversold zone, so there are still chances that RSI can move in deep oversold zone soon, which can drag the price more downside, so we are providing support and resistance level for bank nifty which may give you out put in trading.
Overall chart study indicating that BANK NIFTY is moved in bearish range now, every bounce can indicate a sell signal on chart till the proper reversal signal is not confirm. Now downside major support level is 10250-1000-9600 and upside resistance levels at 10800-11000-11350. {on 13/9/2012 it has given a GAP on chart with level of 10250 so now it can try to fill this GAP now so 10250 is a small support now, original trend was changed below 11000 only as we mention 2 week back.} crossing the 1st resistance level and if able to give positive close for full week then only we may think about trend reversal in bank nifty not before that please.
STOCKS TO SEE FOR CURRENT WEEK TRADING.
WIPRO can buy above 400 if close above this then we can see 425-460
SUNPHARMA closing above 1135 then we can see movement till 1250-1400
TTK PRESTIGE closing above 3610 can give movement till 3800-3950-4050
Sell side calls.
HINDALCO closing below 90 can give targets of 85-75
CENTURY TEXTILE closing below 233 can give targets of 205-185
BHARAT FORGE closing below 205 can give targets of 195-175
COAL INDIA closing below 275 can give levels of 250-215
MARUTI below 1350 we can see 1250-1150
KTK BANK can sell at 100 for target of 85-75 stop loss 110 on closing basis.
RANBAXY closing below 299 can give 275-250 levels.
SBIN closing below 1750 can give levels till 1600-1500 if not close below 1750 then chance for reversal also.
Last week stock picks performance calls moved according to desire trend and given blasting gains.
BAJAJ AUTO 1990 to 2050 = rs. 60
HEROMOTOR 1800 TO 1870 = RS. 70
MRF 14300 TO 14815 = RS. 515
BIOCON 300 TO 326 = RS. 26
SELLING CALLS.
LIC sell at 206 to 186 = rs. 20
BHEL sell at 172 to 156 = rs. 16
FT sell at 615 to 530 = rs. 85
All calls given a good gains.